The official currency of Bolivia is the Bolivian Boliviano (BOB). The symbol used for the Boliviano is Bs. The Boliviano is subdivided in 100 centavos. The same name was used for the currency from 1864 to 1963. There were two Boliviano series additions before the new Boliviano was introduced.
Economy
The economy of Bolivia fluctuates and has had periods of diversification.
Bolivia’s agricultural sector needs to be modernized.
Due to the slow population growth, industries in Bolivia have been growing at a slow pace.
The mining industry in Bolivia accounts for a large part of the export products.
Bolivia relies on the service industry, which accounts for 52% of the total GDP.
Unemployment is estimated at 8.3%.
The natural gas reserve of Bolivia is the second largest in South America.
Export products are zinc, tin, cocaine, ore, soy products, natural gas, and soybeans.
Import products are aircraft, automobiles, plastics, insecticides, petroleum products, and soybeans.
There are no foreign investment restrictions in Bolivia.
In the last few years Bolivia’s economy has been improving steadily.
History
In 1864 the first Boliviano was launched. The currency before the Boliviano was the Scudo.
Originally the currency was subdivided into centecimos; these were changed to centavos in 1870.
Initially the boliviano was pegged to the French Franc at a rate of 5 French Francs = 1 Boliviano.
The Boliviano became part of the gold standard in 1908.
In 1940 Bolivia accepted multiple exchange rates with the US Dollar.
In 1963 the Boliviano was replaced with the Peso Boliviano.
In 1987 the new Boliviano replaced the Reso Boliviano.
